Mandated Individual Retirement Account Programs by State and Municipality

Author: XpertHR Editorial Team

To incentivize increased retirement savings and improve the future financial security of employees of private companies, several states have passed and implemented laws that require covered employers to facilitate optional employee contributions to individual retirement accounts (IRAs) run by the state.

The following chart includes each state's major IRA program requirements, including: the program's status; employer coverage; employee eligibility; employer requirements to facilitate employee enrollment and participation; employee contribution rates; and employer withholding and remittance requirements.

In addition to information regarding programs that are in effect, the chart includes information for states that have passed a law establishing a mandated IRA program but have not yet fully developed or rolled out the program for employer registration and employee enrollment and participation. The absence of a program or requirements is indicated on the chart by "N/A".